Civic Intelligence

American Friends of Masterworks Inc

EIN 22-3037993 • 501(c)3 • Irvington, NY

Profile

The foundation was formed to support domestic programs, lectures and exhibitions for the purpose of educating the public about art education and depicting the scenery and terrain of bermuda.

260 Birch LaneIrvington, NY 10533

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

67th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

NTEE Q • <$500k nonprofits • Source year 2024

Liabilities / Revenue

68th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

NTEE Q • <$500k nonprofits • Source year 2024

Net Margin

9th percentile

-79%

Higher net margin than 9% of similar nonprofits.

NTEE Q • <$500k nonprofits • Source year 2024

Top Officer Pay

87th percentile

$0

Higher top officer pay than 87% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

NTEE Q • <$500k nonprofits • Source year 2024

Asset Growth

9th percentile

-74%

Faster asset growth than 9% of similar nonprofits.

NTEE Q • <$500k nonprofits • Annualized from 2023 to 2024

Revenue Growth

16th percentile

-62%

Faster revenue growth than 16% of similar nonprofits.

NTEE Q • <$500k nonprofits • Annualized from 2023 to 2024

Assets

Down

$72,456

Down $203,101 (-74%) from 2023

Liabilities

Down

$0

Down $5,000 (-100%) from 2023

Net Assets

Down

$72,456

Down $198,101 (-73%) from 2023

Revenue

Down

$249,837

Down $405,023 (-62%) from 2023

Expenses

Up

$447,938

Up $41,338 (+10%) from 2023

Net Income

Down

-$198,101

Down $446,361 (-180%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$300K$200K$100K$0Assets 2011: $166,512Liabilities 2011: $130,000Net Assets 2011: $36,5122011Assets 2012: $106,693Liabilities 2012: $0Net Assets 2012: $106,6932012Assets 2013: $144,934Liabilities 2013: $130,821Net Assets 2013: $14,1132013Assets 2014: $25,736Liabilities 2014: $0Net Assets 2014: $25,7362014Assets 2015: $45,951Liabilities 2015: $50Net Assets 2015: $45,9012015Assets 2016: $42,956Liabilities 2016: $50Net Assets 2016: $42,9062016Assets 2017: $60,883Liabilities 2017: $0Net Assets 2017: $60,8832017Assets 2018: $5,419Liabilities 2018: $0Net Assets 2018: $5,4192018Assets 2019: $11,736Liabilities 2019: $0Net Assets 2019: $11,7362019Assets 2020: $157,576Liabilities 2020: $0Net Assets 2020: $157,5762020Assets 2021: $44,328Liabilities 2021: $0Net Assets 2021: $44,3282021Assets 2022: $22,297Liabilities 2022: $0Net Assets 2022: $22,2972022Assets 2023: $275,557Liabilities 2023: $5,000Net Assets 2023: $270,5572023Assets 2024: $72,456Liabilities 2024: $0Net Assets 2024: $72,4562024

Highlighted filing

2024

Assets$72,456
Liabilities$0
Net Assets$72,456

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.0M$500K$0-$500KRevenue 2011: $307,299Expenses 2011: $403,291Net Income 2011: -$95,9922011Revenue 2012: $450,970Expenses 2012: $380,789Net Income 2012: $70,1812012Revenue 2013: $207,153Expenses 2013: $299,733Net Income 2013: -$92,5802013Revenue 2014: $407,570Expenses 2014: $395,947Net Income 2014: $11,6232014Revenue 2015: $174,655Expenses 2015: $154,490Net Income 2015: $20,1652015Revenue 2016: $119,565Expenses 2016: $122,560Net Income 2016: -$2,9952016Revenue 2017: $365,290Expenses 2017: $347,313Net Income 2017: $17,9772017Revenue 2018: $522,905Expenses 2018: $578,369Net Income 2018: -$55,4642018Revenue 2019: $527,778Expenses 2019: $521,461Net Income 2019: $6,3172019Revenue 2020: $864,090Expenses 2020: $718,250Net Income 2020: $145,8402020Revenue 2021: $429,804Expenses 2021: $543,052Net Income 2021: -$113,2482021Revenue 2022: $135,491Expenses 2022: $157,522Net Income 2022: -$22,0312022Revenue 2023: $654,860Expenses 2023: $406,600Net Income 2023: $248,2602023Revenue 2024: $249,837Expenses 2024: $447,938Net Income 2024: -$198,1012024

Highlighted filing

2024

Revenue$249,837
Expenses$447,938
Net Income-$198,101

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.72$0.00$0.72$2.50$4.48$1.98
2023Summary only. Only limited summary data is available for this year.$2.76$0.05$2.71$6.55$4.07$2.48
2022Summary only. Only limited summary data is available for this year.$0.22$0.00$0.22$1.35$1.58$0.22
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.44$0.00$0.44$4.30$5.43$1.13
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.58$0.00$1.58$8.64$7.18$1.46
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.12$0.00$0.12$5.28$5.21$0.06
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.05$0.00$0.05$5.23$5.78$0.55
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.61$0.00$0.61$3.65$3.47$0.18
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.43$0.00$0.43$1.20$1.23$0.03
2015Detailed filing. Detailed filing data is available for this year.$0.46$0.00$0.46$1.75$1.54$0.20
2014Detailed filing. Detailed filing data is available for this year.$0.26$0.00$0.26$4.08$3.96$0.12
2013Detailed filing. Detailed filing data is available for this year.$1.45$1.31$0.14$2.07$3.00$0.93
2012Summary only. Only limited summary data is available for this year.$1.07$0.00$1.07$4.51$3.81$0.70
2011Summary only. Only limited summary data is available for this year.$1.67$1.30$0.37$3.07$4.03$0.96
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jul 31, 2025
Return Version
2024v5.2
Gross Receipts
$249,837
Mission and Program Overview

Mission

The foundation was formed to support domestic programs, lectures and exhibitions for the purpose of educating the public about art education and depicting the scenery and terrain of bermuda.

The foundation was formed to support domestic programs, lectures and exhibitions for the purpose of educating the public about art education and depicting the scenery and terrain of bermuda

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$25,557$66,956▲ $41,399
Pledges and Grants Receivable$250,000$5,500▼ $244,500
Total Assets$275,557$72,456▼ $203,101
Liabilities
Accounts Payable and Accrued Expenses$5,000--
Total Liabilities$5,000$0▼ $5,000
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$20,557$66,956▲ $46,399
Net Assets With Donor Restrictions$250,000$5,500▼ $244,500
Total Net Assets Fund Balance$270,557$72,456▼ $198,101
Total Liabilities and Net Assets / Fund Balance$275,557$72,456▼ $203,101
Compensation and Service Providers

Board Members and Trustees

NameTitle
Mary Ellen SnowChairwoman
Anne S WilliamsBoard Member
Ashley DunneBoard Member
Claudia WardmanBoard Member
Pam Goldie-morrisonBoard Member
Stephanie SebestaBoard Member
Susan E MenconiBoard Member
Katharine HainesAsst. Treasurer
Charlotte SullivanSecretary
Betty KrulikTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$243,687
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$6,150
All Other Contributions
$216,887
Change in Net Assets
$-198,101
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$435,000
Other Expenses$12,938
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$435,000--$435,000
Fees for Services Accounting-$9,954-$9,954
Insurance-$532-$532
Other Expenses-$340-$340
Total Functional Expenses$435,000$12,938$0$447,938
International Activity

International Summary

Offices
0
Employees
0
Spending
$0

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$6,150
Fundraising Direct Expenses$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The organization has an annual board meeting to specifically discuss the information on form 990 prior to the filing to the internal revenue service. This process is documented in the board minutes taken at that meeting.

Form 990, Part VI, Section B, Line 12C

Officers and boardmembers sign and discuss the need to sign and renew the conflict of interest policy on an annual basis.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents available to the public upon request.

Filing and Contact Details

Filer

Filer Name
American Friends of Masterworks Inc
EIN
22-3037993
Phone
9175821300
Address
260 BIRCH LANE, IRVINGTON, NY 10533

Signing Officer

Name
Betty Krulik
Title
Treasurer
Phone
6467061472
Signed
2025-07-31
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Betty Krulik
Formed
1997
Legal Domicile
De
Voting Board Members
10
Independent Board Members
10
Employees
0
Volunteers
0

Preparer

Firm
Presti & Naegele LLC
Address
225 WEST 35TH STREET 5TH FLOOR, NEW YORK, NY 10001
Preparer
Annemarie Aguanno CPA
Phone
2127360055
Raw XML AppendixShowing 400 of 402 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0135491
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0429804
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0864090
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt02327932
IRS990ScheduleA/TotalSupportAmt02327932
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleF/BoycottCountriesInd00
IRS990ScheduleF/ContinuationSpentAmt00
IRS990ScheduleF/ContinuationTotalEmployeeCnt00
IRS990ScheduleF/ContinuationTotalOfficeCnt00
IRS990ScheduleF/ForeignCorpOwnershipInd00
IRS990ScheduleF/ForeignPartnershipInd00
IRS990ScheduleF/GrantRecordsMaintainedInd01
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/CashGrantAmt0435000
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/MannerOfCashDisbursementTxt0WIRE
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/NonCashAssistanceAmt00
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/PurposeOfGrantTxt0TO SUPPORT AND EDUCATE ABOUT THE ART OF BERMUDA THROUGH THE USE OF THE MUSEUM IN BERMUDA.
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/RegionTxt0BERMUDA
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/ValuationMethodUsedDesc0FMV
IRS990ScheduleF/InterestInForeignTrustInd00
IRS990ScheduleF/PassiveForeignInvestmestCoInd00
IRS990ScheduleF/SubtotalEmployeesCnt00
IRS990ScheduleF/SubtotalOfficesCnt00
IRS990ScheduleF/SubtotalSpentAmt00
IRS990ScheduleF/SupplementalInformationDetail/ExplanationTxt0GRANT RECIPIENTS ARE REQUIRED TO SUBMIT A COMPLETED GRANT REQUEST FORM WITH DOCUMENTATION IF NEEDED PRIOR TO THE BOARD VOTING ON APPROVAL OF THE GRANT REQUEST.
IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 2:
IRS990ScheduleF/TotalEmployeeCnt00
IRS990ScheduleF/TotalOfficeCnt00
IRS990ScheduleF/TotalSpentAmt00
IRS990ScheduleF/TransferToForeignCorpInd00
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS AN ANNUAL BOARD MEETING TO SPECIFICALLY DISCUSS THE INFORMATION ON FORM 990 PRIOR TO THE FILING TO THE INTERNAL REVENUE SERVICE. THIS PROCESS IS DOCUMENTED IN THE BOARD MINUTES TAKEN AT THAT MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1OFFICERS AND BOARDMEMBERS SIGN AND DISCUSS THE NEED TO SIGN AND RENEW THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd01
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0BERMUDA MASTERWORKS FOUNDATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileForeignCountryCd0BD
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0SUPPORT AND EDUCATE ABOUT THE ART OF BERMUDA THROUGH THE USE OF THE MUSEUM.
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0435000
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0CASH DONATION
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0BERMUDA MASTERWORKS FOUNDATION
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0B
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0275557
IRS990/TotalAssetsEOYAmt072456
IRS990/TotalAssetsGrp/BOYAmt0275557
IRS990/TotalAssetsGrp/EOYAmt072456
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0243687
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt012938
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0435000
IRS990/TotalFunctionalExpensesGrp/TotalAmt0447938
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt05000
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt05000
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0270557
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt072456
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0435000
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt06150
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0249837
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0275557
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt072456
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0260 BIRCH LANE
IRS990/USAddress/CityNm0IRVINGTON
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd010533
IRS990/VotingMembersGoverningBodyCnt010
IRS990/VotingMembersIndependentCnt010
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0BETTY KRULIK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum06467061472
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-07-31
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0AMERICAN FRIENDS OF MASTERWORKS INC
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0C/O BETTY KRULIK
ReturnHeader/Filer/BusinessNameControlTxt0AMER
ReturnHeader/Filer/EIN0223037993
ReturnHeader/Filer/PhoneNum09175821300
ReturnHeader/Filer/USAddress/AddressLine1Txt0260 BIRCH LANE
ReturnHeader/Filer/USAddress/CityNm0IRVINGTON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd010533
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0112965470
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0PRESTI & NAEGELE LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0225 WEST 35TH STREET 5TH FLOOR
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NEW YORK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd010001
ReturnHeader/PreparerPersonGrp/PhoneNum02127360055
ReturnHeader/PreparerPersonGrp/PreparationDt02025-07-31
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ANNEMARIE AGUANNO CPA
ReturnHeader/ReturnTs02025-08-01T11:00:57-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01

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